I am progressing with the sale of my ground floor flat in Canonbury and the EA has just called to say that the buyers are swapping conveyancer. I am told that this is due to the fact that the lender will only engage with property lawyers on their approved list. Why would a leading mortgage company only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Canonbury ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Banks justify this action to a rise in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are unlikely to have any sway in the decision.
In the event thatI was to buy a freehold propertyin Canonbury for cash and dispense with a survey and no local authority searches how much would I expect to to save on my conveyancing in Canonbury?
Any savings you would gain would be limited to the Canonbury conveyancing searches. The conveyancing practitioner is obliged to do the vast majority of work - money laundering, correspond with your sellers solicitor, SDLT return, register the title etc. You might save a bit for them not having to register a charge but it won't be a lot.
What does my ID and proof of funds have anything to do with my conveyancing in Canonbury? Is this really warranted?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the ID of the potential client they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms and Conditions that you are required to sign should stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you are unwilling to supply identification documents, your conveyancer can not take you on as a client.
Will our solicitor be asking questions regarding flooding as part of the conveyancing in Canonbury.
Flooding is a growing risk for solicitors dealing with homes in Canonbury. Some people will purchase a house in Canonbury, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a numerous checks that can be initiated by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Canonbury. The standard property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the vendor to determine if the premises has historically flooded. In the event that flooding has previously occurred which is not disclosed by the owner, then a purchaser may commence a compensation claim as a result of such an incorrect response. A purchaser’s conveyancers should also order an enviro report. This should reveal if there is any known flood risk. If so, additional investigations should be conducted.
I am a sole trader planning to lease a unit on a shopping parade. Can you recommend lawyers offering no-sale-no charges for non-domestic conveyancing in Canonbury for under 1500k?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Canonbury, including the sale and acquisition of businesses as well as simply property. Whether you are looking to acquire or sell a shop, pub, restaurant, office, retail premises or a whole business we will find you the right lawyer. Regarding the charges this will depend on the structure and terms of the proposed transaction. Please provide us with your contact information or email so as to enable us to supply you with comprehensive commercial conveyancing quote.
What are your top tips when it comes to finding a Canonbury conveyancing firm to deal with our lease extension?
If you are instructing a solicitor for your lease extension (regardless if they are a Canonbury conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Canonbury conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
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What are the legal fees for lease extension conveyancing? If they are not ALEP accredited then what is the reason?
Having spent months of correspondence we simply can't agree with our landlord on how much the lease extension should cost for our flat in Canonbury. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee landlord or if there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the price.
An example of a Lease Extension case for a Canonbury residence is 5C Stoke Newington Road in April 2010. the Tribunal therefore concludes that the premium to be paid for the extended lease is £700.00 This case was in relation to 1 flat. The unexpired term as at the valuation date was 80.5 years.